The deal came as part of a 3-team trade.
The New York Knicks received guard Denzel Valentine from Cleveland and draft rights to Wang Zhelin (57th pick in 2016 NBA Draft) and Brad Newley (54th pick in 2007 NBA Draft) and cash considerations from the Lakers. In addition, Los Angeles receives the draft rights to Louis Labeyrie (57th pick in 2014 NBA Draft) from New York.
Rondo (6-1, 180) played in 18 games for the Lakers this season.
Over his 16-year NBA career, he has appeared in 936 games (732 starts) with the Lakers, Clippers, Hawks, Pelicans, Bulls, Kings, Mavericks and Celtics, owning career averages of 9.8 points, 4.6 rebounds, 8.0 assists and 1.6 steals in 30.1 minutes per contest.
His 7,481 assists rank 14th all-time in NBA history and are the fourth-most among active players.
The veteran guard has also led the league in assists three times (2012, 2013 and 2016) and steals once (2010) while registering 32 triple-doubles and 236 double-doubles over his career.
Rondo is a two-time NBA Champion (2008, 2020) and four-time NBA All-Star (2010-2013).